G7 countries will give Ukraine money from the increase in duties on Russian exports

G7 countries will give Ukraine the money from the increase in duties on Russian exports

G7 leaders at the summit in Bavaria agreed on the next steps in support of Ukraine and to end the war. Among them is the strengthening of anti-Russian sanctions and the transfer to our country of funds received from the increase in duties on Russian exports. The decision of the G7 was announced by the head of the Office of the President Andriy Yermak.

  • G7 leaders will agree and expand sanctions to further restrict Russia's access to key industrial resources, services and technologies. Also targeted are Russian defense supply chains.
  • An agreement was reached that the money from the increase in duties on Russian exports will be transferred to Ukraine. G7 leaders “will seek permission to use the proceeds from any new tariffs on Russian goods to help Ukraine to ensure that Russia pays for the war.” The U.S. will impose higher tariff rates on Russia on more than 570 Russian products worth an estimated $2.3 billion.
  • G7 leaders are also prepared to limit Russia's revenues, including from gold, Russia's second largest export after energy carriers. The United States will take several key actions to meet these commitments. The US Treasury will decide to ban the import of new gold into the US, which will prevent Russia from participating in the official gold market.
  • Sanctions will be imposed against those responsible for human rights violations, including war crimes, attempts to change the government in Ukraine to an illegitimate one and for the theft of Ukrainian grain.
  • G7 will commit to helping Ukraine cover a short-term budget financing gap, including a $7.5 billion commitment from the United States. The leaders will make long-term commitments to provide security, as well as financial, humanitarian, military and diplomatic support to Ukraine. Our country must be provided with modern weapons and maintain defense.

The G7 Summit is taking place in Bavaria on June 26-28. The leaders of the United States, Canada, Germany, France, Britain, Italy and Japan, as well as the President of the European Commission Ursula von der Leyen and the President of the European Council Charles Michel, came to the meeting at Elmau Castle in the Alps as representatives of the EU. Representatives from Indonesia, India, Senegal, Argentina and South Africa were invited for a wider format.

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